Deutsche Beteiligungs AG successfully concludes duagon investment in a challenging M&A environment

EQS-News: Deutsche Beteiligungs AG / Key word(s): Private Equity/Disposal Deutsche Beteiligungs AG successfully concludes duagon investment in a challenging M&A environment 25.09.2025 / 11:38 CET/CEST The issuer is solely responsible for the content of this announcement.  Deutsche Beteiligungs AG successfully concludes duagon investment in a challenging M&A environment

• Disposal from the DBAG Fund VII portfolio
• M&A market shaped by secondaries – the sale to a strategic investor underlines the strategic relevance of DBAG’s portfolio
• Strategic add-on acquisitions instrumental in establishing duagon as a leading supplier
   

Frankfurt/Main, 25 September 2025. Deutsche Beteiligungs AG (DBAG) has very successfully concluded its investment in duagon, a leading hardware and software solutions provider for safety-critical applications relating primarily to the rail industry. Earlier today, DBAG Fund VII – which is advised by DBAG – agreed to sell the shares held by DBAG Fund VII and DBAG to Knorr-Bremse AG, the global market and technology leader for braking systems and a leading supplier of other rail and commercial vehicle systems. The transaction is subject to approval by the authorities.

The contribution of the agreed transaction to the net gains and losses on measurement and hence to the net income is in line with expectations. DBAG still expects the net asset value (NAV) as at 31 December 2025 to be within the forecast range published on 17 July 2025.

Strategic exit in a transformed M&A market
The duagon sale takes place in a fundamentally changed PE environment shaped by new exit patterns. Secondary buyouts have come to dominate the European PE market, accounting for 40 per cent of all exits in 2024 – an increase of 15 percentage points since 2020.

The sale of the duagon investment to Knorr-Bremse AG highlights the ability of DBAG’s team to realise attractive strategic exits even in this markedly different market environment. DBAG succeeded in generating an above-average return by resolutely implementing its buy-and-build strategy and by systematically positioning duagon as a leading independent technology partner for cutting-edge electronics in railway applications.